Shunt Reactor Market Size, Growth, In-depth Analysis, Research Report Forecast up to 2027: Key Players are Nissin Electric Co. Ltd. and Fuji Electric Co. Ltd.

Shunt Reactor Market is expected to grow at a CAGR of 4.99% to reach a market size worth US$3.243 billion by 2027.

Key determinants contributing to the global market expansion for shunt reactors include growing energy demands, power grid modernization, and rising urbanization & industrialization. In addition, the market for shunt reactors is also being fueled by government initiatives to bring power to rural regions. However, the development of substitute technologies, such as Flexible Alternate Current Transmission Systems and High Voltage Direct Current systems, is anticipated to hinder the growth of the global market during the forecast period.

Growth in the shunt reactor market is fueled by growing energy consumption and improvements in power grid infrastructure.

A shunt reactor is an electrical device that absorbs reactive power, improving system energy efficiency. Shunt reactor demand is driven by the need for protection against unsteady voltage transmission and investments in transmission and distribution network upgrades. The demand for goods and services related to the energy and power industry will increase in response to the rising need for electricity in various countries worldwide. In the upcoming years, there will be a significant increase in demand for shunt reactors in the energy and utility sector. This is due to rising global electricity demand.

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The global market for shunt reactors is analyzed into type, end-user, and geography.

The global shunt reactors market has four major types: Oil Immersed and Dry Type. Among all these types of shunt reactors, the oil-immersed segment is expected to hold a significant market share. This is because oil-immersed shunt reactors absorb reactive power to boost power system energy effectiveness. Therefore, this segment is expected to be driven by rising urbanization and industrialization, increasing power demand, and rising investment in constructing modernized and upgraded high-voltage power grids.

Based on the end user, the classification has been done into Electrical Utilities and Industrial. Over the period of the analysis, electrical utilities are expected to hold a significant market share. Rising demand for electricity on a global scale and the rising investments in smart grid initiatives are some of the factors contributing to the growth of this segment during the analysis period.

The shunt reactor market is divided geographically into North America, South America, Middle East and Africa, Europe, and Asia Pacific. Of all the geographical regions Asia Pacific region is expected to have a significant market share in the global shunt reactor market. Countries in the Asia-Pacific region are investing in modernizing their transmission and distribution systems as the region's home and commercial power consumption continues to rise. According to the International Energy Agency or IEA report, Southeast Asia's average yearly energy investment between 2016 and 2020 was roughly USD 70 billion. Therefore, rising investment in grid modernization, along with expanding the power sector, is one of the key factors driving the growth of shunt reactors in this region.

The major players covered in the global shunt reactor market are Hitachi ABB Power Grids, Siemens AG, General Electric Company, Fuji Electric Co. Ltd., Nissin Electric Co. Ltd., Zaporozhtransformator, Mitsubishi Electric Corporation, CG Power and Industrial Solutions Limited, Toshiba Energy and Solutions Corporation and Hyosung Heavy Industries.

This Shunt Reactor Market has been analyzed into the following segments:

• By Type

o Oil Immersed
o Dry Type

• By End User

o Electrical Utilities
o Industrial

• By Geography

o North America

• USA
• Canada
• Mexico

o South America

• Brazil
• Argentina
• Others

o Europe

• Germany
• France
• United Kingdom
• Others

o Middle East and Africa

• Saudi Arabia
• UAE
• Others

o Asia Pacific

• China
• India
• Japan
• South Korea
• Thailand
• Taiwan
• Indonesia
• Others

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This release was published on openPR.